Bitcoin prices fluctuate every hour, with its price varying of over $100USD an hour on some days. With it being for sale for around 0.30¢ in 2010, the coin now reaches price of well over $10,000. The highest price we have seen bitcoin listed at is $19,783.06. If you are dealing with amounts this big, you need to get the best bitcoin wallet. You wouldn’t keep your cash on show, then why keep your crypto vulnerable?
If you are thinking of buying Bitcoin or any cryptocurrency for that matter, it is worth investigating what wallet suits you the best. When dealing with thousands of dollars of cryptocurrency its important that you use the best bitcoin wallet, to avoid security problems. This is because the only thing stopping hackers getting to your crypto-loot is the wallet.
Its clear that blockchain is here to stay and the future of coins is looking promising. With that in mind, its likely that most people will be using some type of blockchain technology within the next few years. So its important that people get setup with their coins early on.
What Makes A Good Cryptocurrency Wallet?
A good crypto wallet will be secure from hackers and people trying to take your valuable coins. It will be accessible, allowing you to keep and eye on your funds easily. This may be an online exchange (which are less safe) or a local device such as a USB stick (more secure). Online wallets are easier to access for most people because you can click a link and be presented with your wallet.
When using a local wallet, such as USB, then you will need to insert the USB into the laptop.. which isn’t possible if you only use mobile. Security should be at the top of your list when deciding on the best bitcoin wallet for you. Also taking your cryptocurrency net worth into consideration.
Our ‘Best Bitcoin Wallet’ Picks
With an online wallet, you can enable 2-factor security which increases security massively. With an online wallet, it will be easy to trade your coin because the wallet will be already attached to an exchange. A good online exchange is Binance.
When setting up an online wallet, you will need to confirm your identity via driving license or passport. Which does mean that there is less anonymity with these online exchanges – which is the point of crypto.
Also, when using an online wallet, you rely on the exchange’s staff for support. If that exchange gets hacked, it’s likely that your coins are gone. If the exchange gets a DDOS attack then you may be unable to access your coin for some time.
Coinbase – Using Coinbase to store your bitcoin is very easy, their mobile apps ensure that you can check your wallet on the go. In terms of security, there is little to worry about with Coinbase. If you are thinking of trading your cryptocurrency then you are in luck because you can do it from the Coinbase site, which is convenient if you hold your coin there.
Blockchain – With an easy to use interface, blockchain has a secure platform with 2-factor security. This means your wallet is extra safe from hackers and attacks. The platform has ShapeShift integration, so you can convert your Bitcoin to other coins with ease. You can stay anonymous with blockchain, because they do not require identification. Although it very difficult to get your account recovered if you do not use identification.
Desktop wallets (offline) are also a good choice of storage for your coin, depending on how often you trade coins. When using an offline wallet it can be harder to access your coin than the online platforms. Although offline wallets are usually more safe than online wallets.
The best thing about an offline wallet is the independence, you do not need to rely on support staff to look after your precious coins. Exchanges can get attacked at any time and get brought down, but if you host your own coin then you have nothing to worry about.
You can stay anonymous when you keep your coin offline and your identity is not connected to the wallet.. which can be helpful for some people. If your offline wallet has a mobile option then you can keep check of your coins whilst away from home. This also allows you to trade the coins much easier than if they are hosted on an online wallet.
Electrum – A private offline wallet which is fast and easy to use, its been the fan favourite for many years and there’s a reason for that. Electrum is very secure and there is an option to transfer your coins to another platform.
Exodus – This is our favourite wallet overall, its easy to use interface and secure server makes it the best bitcoin wallet. Exodus allows you to use Bitcoin, Ethereum, Litecoin and more. It has ShapeShifying included, so you can convert your coins with ease, there are live charts and trackers. You can use Exodus if you have Mac, Windows and Linux.
When looking at best bitcoin wallets you need to have security as your top priority. If you have a lot of bitcoin or cryptocurrency then it’s best if you use a hardware wallet. By storing your cryptocurrency on a local device that is not connected to the internet will ensure that it is “unhackable”. Malware and DDOS attacks are unlikely to be carried out if your device is “cold”.. not online.
The hardest part of storing a hardware wallet is finding a safeplace to put it in. This means somewhere that you won’t lose it and no one can physically steal it. a hardware wallet can be as easy as an external harddrive with one of the above softwares on it.
When you want to use your cryptocurrency, plug the hardware into a computer and open the software. This ease of use makes hardware the best bitcoin wallets. These wallets are cheap to buy and inexpensive to maintain.
Trezor – This wallet has stood the test of time and although its features are slightly dated your coin is safe. This wallet is easy to use and priced at just over $100USD.
Ledger Nano – If you use Bitcoin, Litecoin, Ethereum and other coins then this is the best bitcoin wallet for you! The Ledger Nano is a USB with an OLED display to check that it’s on. There is two-factor security systems in place to keep your coin extra safe. Its priced at $80, which is reasonable considering it is the best cryptocurrency wallet on the market for 2018.
Also check out how to do technical analysis and dominate the cryptocurrency market.